Qinetiq cuts

Qinetiq has reported a 22 per cent increase in underlying profit for the period ending March 31, but said that it would cut a further 400 staff as it restructures its European operations.

In a statement this morning, the group announced an 18 per cent increase in revenue as a result of favourable exchange rates and strategic acquisitions throughout the year.

Order intake was up 25 per cent following significant contract wins, and profit increased from £127m to £155m, resulting in a 9.6 per cent improvement in the overall operating margin.

Graham Love, the group’s chief executive officer, said: ‘This has been another good year of all-round progress for the group.

'We have achieved good organic growth, continued to transition our UK business and strengthened our offering through targeted acquisitions made during the year.

'We have improved operating margins, generated strong cashflow and won new contracts in growth markets.

'These results demonstrate the strength of our operations.’